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Note and Mortgage, short form,
plain English format, 11-98
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NOTE AND MORTGAGE
Date.........................................................
$............................................
Parties
Mortgagor
Mortgagee
Address
Promise
to Pay
Mortgagor promises to pay to Mortgagee or order the sum of
dollars($
principal
amount (debt)
interest
payments
with interest at the rate of
Mortgagor will pay the debt as follows:
Application
of payments
The Mortgagee will apply each payment first to interest charges and then to repayment of the debt.
Address
for payment
Transfer of
rights in
the Property
Property
Mortgaged
Future
advances
)
%% per year from the date above until the debt is paid in full.
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Payment shall be made at Mortgagee's address above or at any other address Mortgagee directs.
Additional promises and agreements of the Mortgagor:
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1. The Mortgagor hereby mortgages to the Mortgagee the Property described in this Note and Mortgage. Mortgagor can lose the Property for failure to keep the promises in this Note and Mortgage.
2. The Property mortgaged (the "Property") is All
3. The Mortgagee may make advances in the future to the Mortgagor or future owners of the Property. In addition to the above Debt this Note and Mortgage is intended to secure any more debts now or in the future owed
by the Mortgagor to the Mortgagee. The principal amount of the above Debt shall be the maximum amount of debt
secured by this Note and Mortgage. Mortgagee is not obligated to make future advances.
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Insurance
Maintenance
No sale or
alteration
Taxes, etc.
Mortgagee's
right to cure
Statement
of the
amount due
Title
Lien law
section 13
Default,
when full
amount of
debt due
immediately
Sale
Receiver
Payment
of rent
and eviction
after Default
Applicable
law
No oral changes
Notices
Who is
bound
Signatures
4. Mortgagor will keep the buildings on the Property insured against loss by fire and other risks included in the
standard form of extended coverage insurance. The amount shall be approved by Mortgagee, but shall not exceed
full replacement value of the buildings. Mortgagor will assign and deliver the policies to Mortgagee. The policies shall
contain the standard New York Mortgage clause in the name of Mortgagee. If Mortgagor fails to keep the buildings
insured Mortgagee may obtain the insurance. Within 30 days after notice and demand, Mortgagor must insure the
Property against war risk and any other risk reasonably required by Mortgagee.
5. Mortgagor will keep the Property in reasonably good repair.
6. The Mortgagor may not, without the consent of Mortgagee, (a) alter, demolish or remove the buildings and
improvements on the Property, or (b) sell the Property or any part of it.
7. Mortgagor will pay all taxes, assessments, sewer rents or water rates within 30 days after they are due. Mortgagor must show receipts for these payments within 10 days of Mortgagee's demand for them.
8. Mortgagor authorizes Mortgagee to make payments necessary to correct a default of Mortgagor under Paragraphs 4 and 7 of this Mortgage. Payments made by Mortgagee together with interest at the rate provided in this
Note and Mortgage from the date paid until the date of repayment shall be added to the Debt and secured by this
Mortgage. Mortgagor shall repay Mortgagee with interest within 10 days after demand.
9. Within five days after request in person or within ten days after request by mail, Mortgagor shall give to Mortgagee a signed statement of the amount due on this Note and Mortgage and whether there are any offsets or defenses
against the Debt.
10. Mortgagor warrants the title to the Property. Mortgagor is responsible for any costs or losses of the Mortgagee if an interest in the Property is claimed by others.
11. Mortgagor will receive the advances secured by this Note and Mortgage and will hold the right to receive the
advances as a trust fund. The advances will be applied first for the purpose of paying the cost of improvement.
Mortgagor will apply the advances first to the payment to the cost of improvement before using any part of the total
of the advances for any other purpose.
12. Mortgagee may declare the full amount of the Debt to be due and payable immediately for any default. The
following are defaults:
(a) Mortgagor fails to make any payment required by this Note and Mortgage within 15 days of its due date;
(b) Mortgagor fails to keep any other promise or agreement in this Note and Mortgage within the time set
forth, or if no time is set forth, within a reasonable time after notice is given that Mortgagor is in Default.
13. If Mortgagor defaults under this Note and Mortgage and the Property is to be sold at a foreclosure sale, the
Property may be sold in one parcel.
14. If Mortgagee sues to foreclose the Note and Mortgage, Mortgagee shall have the right to have a receiver appointed to take control of the Property.
15. If there is a Default under this Note and Mortgage, Mortgagor must pay monthly in advance to Mortgagee, or
to a receiver who may be appointed to take control of the Property, the fair rental for the use and occupancy of
the part of the Property that is in the possession of the Mortgagor. If Mortgagor does not pay the rent when due,
Mortgagor will vacate and surrender the Property to Mortgagee or to the receiver. Mortgagor may be evicted by
summary proceedings or other court proceedings.
16. Mortgagee shall have all the rights set forth in Section 254 of the New York Real Property Law in addition
to Mortgagee's rights set forth in this Note and Mortgage, even if the rights are different from each other.
17. This Note and Mortgage may not be changed or ended orally.
18. Notices, demands or requests may be in writing and may be delivered in person or sent by mail.
19. If there are more than one Mortgagor each shall be separately liable. The words "Mortgagor" and "Mortgagee"
shall include their heirs, executors, administrators, successors and assigns. If there are more than one Mortgagor or
Mortgagee the words "Mortgagor" and "Mortgagee" used in this Mortgage includes them.
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Mortgagor has signed this Note and Mortgage as of the date at the top of the first page.
State of New York, County of
On
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SS.:
ACKNOWLEDGMENT RPL309-a (Do not use outside New York State)
before me, the undersigned, personally appeared
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s),
or the person upon behalf of which the individual(s) acted, executed the instrument.
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(signature and office of individual taking acknowledgment)
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